KIRIBATI TO ELIMINATE ONE AND TWO CENT COINS

admin's picture

TARAWA, Kiribati (September 7, 1997 - PACNEWS)---The Bank of Kiribati will stop issuing one and two cent coins beginning October 1.

Coins in circulation, however, will continue to be accepted as legal currency throughout the North Pacific country.

Kiribati uses Australian coins and bills for everyday financial transactions.

A statement from the Bank of Kiribati says the coins are being withdrawn as they no longer are issued by the Reserve Bank of Australia. Kiribati businesses now will need to adjust prices and round payments up or down to the nearest increment of five cents.

Rate this article: 
No votes yet

Add new comment